NF had a gap down and selling tail with good volume + supply data in last session which suggested swing move for 19875/19785/19675..It had another gap down and drive down today and probed second obj 19785 with a move till 19760-19745 then gone for tight balance to close below dPOC.
Gap down and selling tail.
Long liquidation day with volume one of highest in months..If this profile gives up then more liquidation after such volume possible.To avoid that buyers need to clear 19810 first then 19860 later in next session.
3rd day of one time frame down cleared last week low which was triple disbn bullish week..Its not a good sign and could lead to large time frame weakness..
Today volume suggesting that if we start accepting below today low, swing obj could stretch till 19625-19575 zone from where we could expect buyers response..If that zone also gives up, then 19485/19420-19400 opens up.Swing res now moves to 19920 and once we move well below 19675 swing res comes down to 19860.
Levels wise for next session, not able to stay below 19675 and move above 19760 could test 19790-19810 if accepts then 19840-19860 if sustains further then 19890-19910 possible.Above 19915 could get 19945-19960/19990-20010/20035.Weak below 19745 for 19715/19690-19675 if sustains 19650/19615/19585-19570 possible.Any bounce if rejects around 19845 and moves below 19790 then could get 19760-19745/19715/19690-19675.
Charts and data :
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